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19 results for “fund structure”
Topic3 mentions across episodes
fund structure
...fund structure, but it does have an implication on who you can sell the product to. So there is a a restriction there. What we often see because credit is about half the market, there's a growing number of credit firms and credit funds that are using
36:46 / 37:48
from transcript36:46 – 37:48
...an index fund on both sides of the market with an expensive active management fee structure on top of it. And the fee structure is problematic in that it guarantees you always do worse than the average. Right? So you're essentially long correlation.
23:10 / 24:18
from transcript23:10 – 24:18
...of fund structures? Nature of the way it works. And, of course, you really shouldn't be in the business of charging extra. Well, unless you really are gonna achieve very unusual results. And, of course, it's more easy to pretend that you can get good
24:00 / 25:01
from transcript24:00 – 25:01
...have a structured return that'll be meaningful, it could generate in and of itself,
45:06 / 46:10
from transcript45:06 – 46:10
...the fund. More importantly, how much you're going to charge investors. Yes, we have to charge them. Who knew that? So we have to charge them. We have to we have OPEX too, and we have to pay for that. So from a fee structure standpoint, which model be
36:00 / 37:01
from transcript36:00 – 37:01
...level in those scenarios. Yeah. Makes sense. So that's the first principle, one team, one portfolio. Yeah. The second thing was we call it being joined up. And what we mean by that is most funds, I would say, they're quite backward looking in their p
13:26 / 14:35
from transcript13:26 – 14:35
...fund strategies, they might have a role again in those endowment foundation portfolios.
12:43 / 13:49
from transcript12:43 – 13:49
...has its own carry that gets cut up in different ways among all the different partners for that particular fund. But over the umbrella of the whole thing is a management company, which you would sort of think of typically an LLC, but you can think abo
18:40 / 19:53
from transcript18:40 – 19:53
...comp structure is actually core to the business model. But before we get to that, why don't you actually go back for listeners and for my sake when you distinguish between the sort of traditional two and twenty multi strats with the so called pod sho
8:59 / 10:03
from transcript8:59 – 10:03
...an index fund on both sides of the market with an expensive active management fee structure on top of it. And the fee structure is problematic in that it guarantees you always do worse than the average. Right? So you're essentially long correlation.
22:32 / 23:45
from transcript22:32 – 23:45
...structure type blended risk. But we want sufficient optionality across the portfolio so that we can hope to generate returns that are north of a three or four x growth. So blend those all together in a base case, maybe that looks like we're an outcom
45:50 / 46:53
from transcript45:50 – 46:53
...of hedge funds, and we actually have a component in emerging market slash frontier market equities, but nothing in the S and P 500. So it's pedal to the metal. So let's dive into this private program.
32:53 / 34:02
from transcript32:53 – 34:02
...funds, many of them have delivered significant beta, whether it's equity beta or credit beta, and that is not something we wanna pay for. So I think it's just a matter of, again, in the same way, analyzing the track record of these managers, regressi
36:44 / 37:52
from transcript36:44 – 37:52
...fund needs to be structured in order to hit a four or five x net return. Now, if you're talking about much smaller seed managers, that is really strategy dependent to some degree. What gives us pause, however, is when you have a manager maybe trying
55:29 / 56:36
from transcript55:29 – 56:36
...fund needs to be structured in order to hit a four or five x net return. Now, if you're talking about much smaller seed managers, that is really strategy dependent to some degree. What gives us pause, however, is when you have a manager maybe trying
55:30 / 56:36
from transcript55:30 – 56:36
...funds should have hurdles before they capture their incentives. That should is always a tough word. What are you guys seeing on fees and fee structures? You've definitely touched on a hot button there, Ted. We're big believers in hurdles. I should st
59:13 / 1:00:22
from transcript59:13 – 1:00:22
...fee structure, the two and twenty, it's different. Right? Everybody's incentivized to get the top line to be the highest number it can be. And so if I'm a convert manager and you're a merger manager, I'm cool with being my capital to be given away. I
24:00 / 25:05
from transcript24:00 – 25:05
...And for those who don't know, just quick crash course, 2%, that's an annual fee. So if you raise a $100,000,000 fund, that's $2,000,000 every year that goes to the management company that gets used to pay the budget and the salaries and all that sort
42:00 / 43:09
from transcript42:00 – 43:09
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